Greece’s solar-energy supplies to expand with €390 million EIB financing for DEPA Commercial

• EIB lends Greek energy supplier DEPA Commercial a total of €390 million for new solar parks across the country.
• EIB financing to support the implementation of the company’s €500 million renewable energy investment plans over the next four years.
• Planned photovoltaic (PV) parks to boost Greece’s renewable-energy capacity.

The European Investment Bank (EIB) is lending Greek energy company DEPA Commercial SA a total of €390 million to build and operate solar-energy farms across the country. The EIB funding covers 75% of total cost of the new photovoltaic (PV) sites, which is expected to reach up to €521 million.

DEPA Commercial will implement PV farms in western Macedonia, Thessaly, and central Greece. The project, when implemented will add a total of c.800 megawatts of renewable energy in Greece, enough green energy to power the equivalent of 278,000 households for a year.
The EIB’s financing supports new investment in “cohesion” regions where per-capita income is lower than the EU average, affirming the bank’s commitment to equitable growth and the convergence of living standards.

Tsakiris signed the loan agreements with DEPA Commercial Chief Executive Officer Konstantinos Xifaras, and Chairman of the Board of Directors Ioannis Papadopoulos at a ceremony in Athens on 23 July. Greece’s Minister of Economy and Finance, Kostis Hatzidakis, and Minister of the Environment and Energy, Theodoros Skylakakis, were also in attendance.

"This loan will help DEPA Commercial in its new plans. Congratulations to both sides for this agreement," said Finance Minister Kostis Hatzidakis in his address.

"The signing of the loan agreement between the European Investment Bank and DEPA Commercial today constitutes the starting point for the implementation of a significant investment for Greece, with a total value exceeding 500 million euros. The benefits of such investments, which contribute to the further penetration of renewable energy sources into Greece's energy mix, are manifold. These include the reduction of electricity costs for consumers and, of course, the enhancement of energy security and, consequently, the strengthening of our country's energy independence," stated the Minister of Environment and Energy, Theodoros Skylakakis.

“Scaling up energy investment is crucial to improve network reliability, harness Greece’s solar-energy potential and contribute to the country’s energy transition,” said EIB Vice-President Ioannis Tsakiris. “Europe’s green and sustainable future will pass through projects like this one. Our homes, places of work and other buildings need to be powered from renewable sources of energy and PV farms like these will play an important role in moving the needle on the greater use of renewable, sustainable energy.”

"Signing the loan agreement with the EIB marks a milestone for DEPA in realizing our renewable energy plans, aligned with Greece’s green transition goals. This funding strengthens our strategic plan of recent years in advancing solar energy projects. We are committed to sustainability and energy security, contributing to Greece's energy transition and supporting European climate objectives,” said Xifaras, speaking on behalf of DEPAs management.

Accelerating renewable-energy use across Greece and EU

The financing accords also represent another part of the EIB’s tailored package of support to RepowerEU, the EU’s multibillion-euro plan to reduce dependence on fossil-fuel imports, accelerate the green transition and achieve climate neutrality by 2050.

Building on EIB support for Greek energy investments

Since 1964, the EIB has financed long-term energy investments with a range of Greek energy partners including Public Power Corporation (PPC), the Hellenic Electricity Distribution Network Operator (HEDNO), the Independent Power Transmission Operator (IPTO) and Metlen.

Over the past decade, the bank has provided more than €4.3 billion for energy investments in Greece, including major improvements in connecting Greek islands to the grid, harnessing renewable energy and accelerating energy efficiency.

Background information

About the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Greece of €2.5 billion in 2023, 33% of which went to supporting sustainable energy and natural resources projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

Approximately half of the EIB's financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.